H1 profits dive at two Chinese refractory makers
Published: Wednesday, 24 August 2016
Two large Chinese refractory manufacturers recorded double-digit profit decreases in 2016 to date on the back of slower business in main end markets, leading companies to scale back or cancel existing projects.
Puyang Refractories Group, one of the major listed
refractory companies in China based in Henan, saw a 22% drop in
turnover to Chinese Renminbi (Rmb) 1.15bn ($173.1m) in the
first half of 2016, as net profit dived 49% to Rmb50.17m.
The company ascribed the sluggish financials to...